Rite Aid sees ‘opportunity’ to close more stores in 2023

Rite Aid’s struggle to hold its ground against CVS and Walgreens was evident in the company’s $67 million quarterly loss reported on Wednesday. Speculating on more store closings — following the 145 stores the chain shuttered in 2021 — Rite Aid Exec VP and CFO Matt Schroeder told analysts on its earnings call, “It’s not nearly the size of the opportunity that we had this year. So, it’s on a much smaller scale because we have done a pretty good job in the latest last store closure program of really pruning a lot of the unprofitable stores …”

RetailWire Member since October 25, 2020

Loading + Follow Following

RetailWire is retailing’s premier online discussion forum, serving the industry as a free resource for over 18 years with compelling content that goes well beyond conventional headline reporting. Each business morning, our editors post timely topics worthy of commentary by the RetailWire BrainTrust panel of industry experts and general readership. The results are virtual round tables of industry opinion and advice covering the most dynamic trends and issues affecting the retailing industry. https://retailwire.com/

Do you like RetailWire's articles? Follow on social!